(Bloomberg) — Sunil Mittal is in advanced talks to acquire a 49% stake in the Indian unit of China’s Haier Smart Home Co., according to people familiar with the matter, as the billionaire looks to tap growing demand for goods such as home appliances in the South Asian country.
The Bharti Airtel Ltd. founder has teamed up with private equity firm Warburg Pincus to buy the stake in Haier Appliances (India) Pvt. for about $2 billion, the people said, asking not to be identified because the information isn’t public. A deal could be signed in a few weeks, pending approvals, the people said.
Deliberations are ongoing and Haier may decide not to sell, while other buyers could also still emerge, the people said.
Representatives for Mittal and Warburg Pincus declined to comment. Haier didn’t immediately respond to requests for comment.
India’s Economic Times reported in October that Haier was considering selling a stake of between 25% and 49% in the unit. By November, it had attracted preliminary interest from potential investors including Temasek Holdings Pte, GIC Pte and Abu Dhabi sovereign wealth fund Mubadala Investment Co., people familiar with the matter told Bloomberg News at the time.
Haier’s revenue in South Asia grew by more than 30% in the first quarter from a year earlier, with its side-by-side refrigerators taking a 21% market share in India, the company said in an April 29 filing.
Mittal and his family have a net worth of $28 billion, according to the Bloomberg Billionaires Index.
